Why is the SS Republic yielding so many amazingly rare gold coins???

SethChandler

1865 $20 MS66
1854-0 $20 AU58
1860 $20 MS65

WOW!

My question is why so much diversity, most shipwreck coins seem to contain little in terns of dates/mm?

Dabigkahuna

Just a guess but I think when it was decided to send the bullion down to New Orleans that these were the only coins in the coffers at that point?

Coins were scarce durring the war.


Larry
Dabigkahuna

LanLord

Perhaps the reason those date/MM combos are rare is that most examples of them were on that ship. ??

Just a thought.

nwcs

I think it's because the coins became rarer when the ship went down. And look at the time period in question. Readily available inventory at the moment. Would have been nice if it would have made it for reconstruction. America might have evolved very differently.

HTubbs

Maybe Odyssey Marine Exploration bought some of these rare coins and said that they found them in the shipwreck to get publicity?

JrGMan2004

<< <i>Maybe Odyssey Marine Exploration bought some of these rare coins and said that they found them in the shipwreck to get publicity? >>


Conspiracy Theorist...

BAJJERFAN

I think the boat was carrying smoeone's registry set.

DaveG

Seth:

Consider the original source of the coins.

The Central America was coming from San Francisco, so it's reasonable that it would be carrying a lot of newly minted double eagles and gold bullion, but not a wide variety of coins, the same for the Brother Jonathan.

Whereas, the Republic was coming from New York, so it would have had whatever was on hand at New York banks or the sub treasury, which would have been a mix, as that's what would have been paid as tariffs or have been sitting in the bank vaults.

100proof1957

seems like the SS Central America had a pile o 1857S double eagles aboard (could be 1856S) that previously were very rare in any MS state.
Poop happens !

Proof

northcoin

Actually I have been surpised by the lack of amazingly rare gold coins. What's that three nice collectible gold coins for a year's worth of exploration. Apart from the Coin Vault silver junk, quantity wise this find is one big disappointment so far compared to the Central America and Brother Johnathon hoards. If three desirable coins in a fountain is all they have to offer to this point then it looks like we are in for a lot of hype to come.

RYK

Actually I have been surpised by the lack of amazingly rare gold coins.

There's more:
1861-S Pacquet $20 AU-58
1857-O $20 MS-62 PL
1838 $10 AU-58

They have not yet salvaged all of the coins, and they are only releasing the rarities one coin at a time. Very smart marketing. It keeps me wanting more information. When all is said and done, I expect that this hoard will be more diverse and interesting than the SSCA and the BroJo.

RYK

Here's the link to stay up to date:

Link

SethChandler

Any other thoughts?

mgoodm3

Those coins weren't rare in 1865.

Conder101

How many of those are "amazingly rare" in lower grades? Ok the 54-O and 61-S Paquet are good. For the most part the others are condition rarieties because the rest of the coins circulated. These "amazing rarieties" are there because they didn't have the chance to circulate and wear out like their brethern.

relayer

They are rare because of the low number of surviving specimens around today. Most others circulated and didn't spend 135 years at the bottom of the sea

ohbaby

Why is the SS Republic yielding so many amazingly rare gold coins???

Maybe they are not all from the Republic? Ahem!

northcoin

Thanks for the link. The Paquet was most interesting. Are these offered for sale and if so at what prices?

RYK

Are these offered for sale and if so at what prices?

To the best of my knowledge, they have not yet been offered. I would expect them to be sold at auction, but no details have been announced.

northcoin

Here is an etihical question. If the salvors have already identified higher grade coins than the ones publicized (for example a mint state Paquet) would it be unethical for them to auction first the "tied for finest known" and then after the sale disclose they were holding back finer known to them coins of same date and type? Since NGC is doing the grading do they have an ethical obligation to post pop numbers as soon as they grade or can NGC abide by the salvor's wishes in failing to disclose until the salvor's give them the green light to do so?

Where does the line between "smart marketing" end and dishonesty begin?

northcoin

Anyone?

Nap

Well, it's no more dishonest than someone who advertises a slabbed coin as finest known when a finer example is believed to exist raw, in a low tier grading service holder, or impounded in some museum collection. And that happens all the time.

The coin salvagers are not coin graders and should not assert a coin is superior or inferior than another, nor should their opinion be valued. NGC, as a grader of coins, can assert a coin is the finest they have graded, but unless they were brought a superior example, cannot claim a better one is known until it is sent to them.

Then again, all grading is subjective, so maybe the argument is meaningless.

If the salvagers claim only one example of a certain rare date/mint mark was obtained after the completion of the excavation and then a few months later come forward with a second or third example, I'd say they have acted dishonestly.

RYK

Anyone planning to buy a gold coin from the SS Republic?

TheRaven

I would love to buy such a coin but the prices are going to be outrageous so probably not likely to have one.

parkave

We have handled some of the finer SS Republic $20 Liberty Double Eagles in Mint State grades and I can only say that NGC did a fine job grading this hoard. There are more interested buyers in the market now then ever before and the history of the shipwreck is truly fascinating. There are already some very happy collectors who finally own a Mint State Type 1 Double Eagle from the SS Republic or a rare "O" Mint in choice AU55-58 so the market is absorbing the coins as fast as they are coming o the market for sale, even with the premiums!. For the benefit of the PCGS collectors who are interested in these NGC graded coins, a few of the coins we purchased have crossed over from NGC to PCGS.

coinlieutenant

OOOOHHHH!!!

If a market stalwart like Bob Green is endorsing them, then I am on board...

Give me a freaking break...

How many did you really BUY Bob...compared to how many you took on a consignment deal to make a percentage???

AND edited to add...

What would you be willing to buy those coins back at a later date...What percentage back of what you sold?

MrEureka

Like Conder said, most of the "rarities" are just condition rarities. Odyssey brought up 51,000 coins. How many of those are ABSOLUTE rarities? Not many. In fact, I'd expect the percentage of "absolute rarities" on the SS Republic to be comparable to that in the pre-existing pops.

coynclecter

There are so many coins that will be coming up for sale from these wrecks over the next 3-5 years it will bring many prices crashing down. The market just won't be able to absorb 200,300 or 500,000 coins from the mid 1800s, many of them in mint state.

I certainly wouldn't want to have 5 figures tied up in some key date coin from the 1850's.

oreville

all of this SS Republic coins coming to market in the Type I $20 Libs are indeed going to make the type II and even type III $20 Libs rarer in comparison than before.

I like the type II's closely followed by the early type III's up to the mid 1880's.

RYK

Here is a link to a partial population report. The absolute rarities remain "absolute" rarities (41-O $10, 59-O $10, 54-O $20, 56-O $20, 61-S Pacquet $20, etc.).

Personally, as a date collector of New Orleans eagles, I think it would be neat to have a common date representative from the SS Republic...if it does not cost me and arm and a leg!

oreville

RYK:

You said "Personally, as a date collector of New Orleans eagles, I think it would be neat to have a common date representative from the SS Republic...if it does not cost me and arm and a leg! "

I agree but what will THOSE GUYS charge for them?

RYK

I agree but what will THOSE GUYS charge for them?

Right now, they are offering coins for 25-50% more than Trends! I do not intend to pay that high a premium. A large group will be available at the KC ANA B&M sale in April--I will have the opportunity to view some of the auctions coins and bid in person, if I find one or two that I like.